Chinese developer Greenland USA, in a joint venture with equity partner Ping An Trust, and minority equity partners Agile Group and Poly Sino Capital Limited, has announced the acquisition of The Landing at Oyster Point in the heart of South San Francisco, the world’s premier biotechnology innovation hub. The vast 42-acre waterfront property will be built into a large-scale office and research and development complex to support the expanding life sciences industry. The joint venture is expected to invest more than $1 billion into the project. The purchase price for the land was reportedly $171 million.
“The San Francisco Bay Area is known globally for its leadership in innovation and we’re proud to bring Greenland’s expertise and vision for transformative properties to the area,” said Yuliang Zhang, Chairman of Greenland Group, parent company of Greenland USA. “The U.S. continues to play a critical role in our overseas expansion and we look forward to what will be a landmark property.”
Greenland USA is the majority shareholder in the joint venture, Oyster Point Development, LLC. Greenland USA’s CEO Gang Hu was named Chairman of the joint venture with Executive Vice President Taotao Song, who oversees Greenland USA’s west coast operations, named as CEO.
“Greenland USA is committed to the long-term health of the properties and communities we develop and we saw early on, with the support of the City of South San Francisco, that there was tremendous potential for growth in Oyster Point,” said Taotao Song, CEO of Oyster Point Development, LLC, and Executive Vice President at Greenland USA. “Our vision is to further cementSouth San Francisco’s role and reputation as the world’s leading biotech hub by creating a best-in-class campus that will stimulate and sustain its economic and social fabric.”
The to-be-renamed property at Oyster Point will comprise approximately 2,250,000 gross square feet of development, including public open space and recreational areas. The property builds on the established reputation of the South San Francisco area already known as the birthplace of biotechnology, which has attracted more than 240 biotechnology companies to the area. Development of the property will be completed in phases, with Phase I compromising approximately 500,000 square feet in the southern part of the property. Construction is expected to begin by mid-2018, following necessary infrastructure improvements by the City of South San Francisco, including streets, utilities and grading.
“The development of Oyster Point presents tremendous opportunity for the South San Francisco community and GreenlandUSA has approached it with the vision, expertise and energy needed to bring it to fruition,” said Mark Addiego, Mayor of South San Francisco. “By investing in Oyster Point, we will be able to further cement our position as the world’s leading center for innovation in biotechnology and other industries.”
The Landing at Oyster Point follows Greenland USA’s $1 billion-plus investment in Los Angeles’ Metropolis and $6 billion-plus investment in New York’s Pacific Park Brooklyn. Both projects exemplify Greenland USA’s expertise and vision for developing transformative properties in gateway cities that also support the local economy and foster the growth of the surrounding communities.